Chinese Mutual Fund Managers Wait and See

Mutual fund managers in China are waiting for the economic outlook to improve before they launch new funds, according to China Knowledge Press.Industry insiders say that as of Aug. 18, managers of 16 funds that have already received approval from the China Securities Regulatory Commission, including nine stock funds and seven bond funds, are waiting to launch until the Chinese stock market and investor attitudes improve.According to official statistics, there were 88,000 new accounts for fund investment in July, down 19% from the prior month. There were 5 million new accounts added in August 2007.